30 Dec 2011 12:19
30 December 2011
Global Brands S.A. ("Global Brands" or "the Company")
Issue of Equity and Directors' Dealings
Issue of Equity
Global Brands S.A., an international business developing branded food operations in Europe, including being the master franchise owner for Domino's Pizza in Switzerland, Luxembourg and Liechtenstein, announces the issue and conversion of a convertible loan note and the conversion of outstanding invoices into equity.
The convertible loan note of $250,000 subscribed for by Noble Rock, the majority shareholder of the Company on 22 December 2011 and converted into 23,300,000 50% partially paid up shares on 23 December 2011.
On 23 December 2011 the board also resolved to issue an additional 7,250,000 million shares for the conversion of outstanding invoices of ca. £100,000 into equity at a price of £0.0138 per share. On 29 December 2011, the board also agreed to settle outstanding invoices by Noble Rock by offsetting those amounts owed to Noble Rock with the amounts owed by Noble Rock for the partially paid up shares issued on 23 December 2011.
Following the conversion of the convertible loan note, the placing and the debt settlement the Company has issued 30,550,000 new ordinary shares of CHF0.02 each. Following this issue of shares, the total number of shares in issue is 241,973,718.
The new shares will participate in the share split and capital reorganization announced on 21 December 2011. The share split of 1 for 10 is expected to become effective on the 2 January 2012 and will result in a total number of 2,419,737,180 ordinary shares of CHF 0.002 each being in issue.
Application has been made for the increased share number of 2,419,737,180 ordinary shares of CHF 0.002 to be admitted to trading on AIM and it is expected that admission will take place on 5 January 2012.
Directors' Dealings
The shares issued to settle outstanding invoices were issues to entities controlled by Bruce Vandenberg, CEO of the Company, for services rendered by Mr. Vandenberg. Accordingly, following the issue of shares, Bruce Vandenberg, either directly or indirectly holds a total of 19,570,699 ordinary shares, representing 8.09% of the Company's issued share capital.
For further information:
Global Brands S.A.
Simon Bentley, Chairman Tel: (0) 20 7317 8022
Bruce Vandenberg, CEO www.globalbrands.ch
Libertas Capital
Thilo Hoffmann Tel: (0) 20 7569 9650
Sandy Jamieson www.libertascapitalpartners.com
Alexander David Securities Ltd
Bill Sharp Tel: (0) 20 7448 9820
Fiona Kinghorn Tel: (0) 20 7448 9832
www.ad-securities.com
FTI Consulting
Jonathon Brill Tel: (0)20 7831 3113
Caroline Stewart www.fti.com